A digital euro is "essential to strengthen the EU's monetary sovereignty, reduce fragmentation in retail payments, and support the integrity and resilience of the single market.
On Tuesday, February 10, the European Parliament supported the launch of a digital euro in both online and offline formats, which is in line with the European Central Bank's approach and increases the chances of securing this model ahead of key discussions in the Economic and Monetary Affairs Committee (ECON), Bloomberg reports.
The parliament's statement stated that a digital euro is "essential to strengthen the EU's monetary sovereignty, reduce fragmentation in retail payments, and support the integrity and resilience of the single market." It also noted that further digitalization of payments, if left "exclusively to private and non-European participants," could lead to new forms of exclusion for both users and merchants.
As Bloomberg recalls, Fernando Navarrete, the rapporteur on the topic, proposed in October 2025 that only an offline version be created, with online access permitted only if the private sector fails to propose its own solution. ECB representatives, led by Executive Board member Piero Cipollone, object, emphasizing that the two regimes complement each other and bring digital currency closer to cash. If national governments and the European Parliament reach an agreement next year, the ECB could launch a pilot in 2027, with a possible launch being discussed for 2029, the agency emphasizes.
Critical Dependency
In early February, European banks and payment providers publicly called on EU authorities to accelerate their reduction of dependence on American payment systems—primarily Visa and Mastercard. Martina Weimert, head of the European Payments Initiative (EPI), made this statement, emphasizing that Europe needs to develop its own payment infrastructure "as quickly as possible." Her position reflects growing concerns among European officials: Brussels fears that the dominance of American operators could theoretically be used by Washington as a tool of pressure should transatlantic relations deteriorate. According to the ECB, Visa and Mastercard accounted for approximately two-thirds of all transactions in the eurozone as of 2022, while 13 EU countries lack even national alternatives to international card schemes. Against this backdrop, banks are trying to promote their own solutions: the EPI consortium, which includes BNP Paribas and Deutsche Bank, has already launched the Wero payment service, which has tens of millions of users and is expected to scale online by 2027.
At the same time, the discussion is fueled by the digital euro project, which the ECB views as an infrastructure response to dependence on external providers. However, the banking sector is cautious about the initiative: credit institutions point out that a state-owned digital currency could duplicate the functions of private solutions like Wero and undermine incentives for innovation in the payments business.